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Barclays And RBS Fined £4bn Over Forex Abuses

(c) Sky News 2015

Barclays (LSE: BARC.L - news) , Royal Bank of Scotland (LSE: RBS.L - news) and three US banks have been fined almost £4bn over the manipulation of foreign exchange rates.

Four of the institutions - JPMorgan Chase, Citigroup (NYSE: C - news) , Barclays and RBS - agreed to plead guilty to US criminal charges over manipulation of foreign exchange rates, the US Department of Justice said.

The fifth bank, UBS (NYSEArca: FBGX - news) , will plead guilty to rigging benchmark interest rates, the Justice Department said.

Barclays will pay $650m (£418m) in criminal penalties and RBS $395m (£254m).

JPMorgan Chase will pay $550m (£353m) and Citigroup will pay $925m (£595m) in criminal fines as part of their guilty pleas.

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Barclays also will pay an additional $1.3bn (£836m) to settle with the New York state Department of Financial Services, the US Commodity Futures Trading Commission and the UK's Financial Conduct Authority, authorities said.

As part of the New York banking regulator's agreement, Barclays will fire eight bank employees involved with rigging foreign exchange rates, the New York regulator said.

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